Mitchell Toby Yanow of Boca Raton Florida a stockbroker formerly registered with Stifel Nicolaus Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted a Stifel customer’s funds. Letter of Acceptance Waiver and Consent No. 2018058538001 (July 11, 2018).

According to the AWC, in July of 2017, eighty-seven-year-old Stifel customer, AW, furnished Yanow with blank checks that had been drawn on a brokerage account owned by AW. Evidently, the funds were meant for Yanow to pay for the services provided by AW’s caregivers in situations where AW was not able to make those payments himself.

The AWC stated that Yanow failed to utilize the checks provided by AW for their intended purpose; rather, he utilized those checks to convert $205,586.00 from AW. Evidently, thirty-three checks had been written out by Yanow from the brokerage account owned by AW so that Yanow’s personal expenses could be paid. Yanow apparently used AW’s funds to pay for, among other things, a 1976 Chevrolet Corvette. All the while, AW neither knew nor consented to Yanow’s activities. FINRA found Yanow’s conduct violative of FINRA Rules 2010 and 2150(a).

Yanow was discharged by Stifel on May 20, 2018 founded on accusations that he violated the firm’s policies by taking a customer’s funds from the customer’s account without permission.

FINRA Public Disclosure additionally reveals that on September 14, 2015, customer initiated investment related complaint involving Yanow’s activities was settled for $144,000.00 in damages supported by allegations that while Yanow was associated with Oppenheimer & Co. Inc., he charged a customer excessive margin interest and commissions on investment transactions executed in the customer’s account.

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